Materials company FibreCoat has raised over €20M from NewSpace Capital, Goose Capital, Nova Saint-Gobain, 212 NexT, Otto Krahn New Business, Convergent Ventures and TiE in its Series B raise.
The German-founded company makes materials to coat metals and plastics onto fibers, thus combining the properties of the fibers and the coating material, during the fibre spinning process for strength, conductivity, and recyclability.
FibreCoat’s materials will be used to meet demand in the space and defense sectors. Spacecraft, from launchers to satellites, must also withstand harsh conditions, including intense radiation, extreme temperatures, and electromagnetic interference (EMI). They must also be as lightweight as possible for reasons of efficiency and cost-effectiveness.
The global defense market is anticipated to grow from $477 billion in 2020 to nearly $600 billion by 2027, with increased investments in advanced technologies such as electronic warfare systems and electromagnetic protection. Through its strategic partnership with NewSpace Capital, which co-led the round with Goose Capital, FibreCoat hopes to meet demand for radiation-, heat- and EMI-resistant materials. FibreCoat has grown rapidly since its founding and sought the fundraise in order to scale more quickly.
Dr. Robert Brüll, CEO at FibreCoat, thanked the company’s investors for their support. "We’re grateful to NewSpace Capital, Goose Capital and all our investors for backing us," he said. "We’re an ambitious team who are keen to innovate, increase production and satisfy demand for basic building blocks for defense, space, automotive and other crucial sectors. Affordable, high-performance materials are vital for electric vehicles, while in defense, there is real demand for yarns for sensors, circuits, shielding and chaff material.
"Space is also a critically important sector, one that touches every area of the world economy. It’s growing rapidly, and both launchers and satellites increasingly need the coated fibers we develop to withstand harsh conditions and EMI.
"NewSpace Capital will help with their extensive network and market knowledge, so we can bring our low-cost, high-performance materials to those who need them. It’s an exciting time for the company."
Bogdan Gogulan, Managing Partner of NewSpace Capital, said: "We think long and hard about every investment we make. The young, energetic and ambitious FibreCoat team impressed us. They’ve grown quickly as a company, have a strong R&D background, and have shown great adaptability as market needs have evolved. We see this investment as an opportunity to grow a differentiated player within the space sector."
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